There are a number of issues to consider when making an offer to purchase a property:
What is your negotiation strategy if your 1st offer is not accepted?
What date are you able to pay for and move into your new home?
What funds do you have available to satisfy your commitment to the purchase?
What specific items are being sold with the property?
What particular issues do you need specialist advice on in relation to this property? How long will you need to resolve these issues?
These issues are all addressed in your Sale and Purchase Contract. It is recommended that you get the contract checked by your solicitor prior to your offer being presented to the Vendor. Your solicitor is a very important adviser during this part of the transaction.
After satisfactory completion of your special conditions, your solicitor will communicate to the solicitor acting for the Vendors, that you wish to confirm the contract.
Upon confirmation, you will be required to pay the deposit negotiated in the Contract. This will usually be payable to the Real Estate Agents Trust Account.
In the event that there are issues with the property which have arisen from your special conditions, you must discuss these with your solicitor with urgency, prior to the deadline. The clauses are there for your protection, and give you the opportunity to either re-negotiate a new contract or “walk away” from the purchase.
Once the purchase is unconditional, the Vendor is legally entitled to the deposit money and also to any income or interest earned.